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The income phase-out range for single taxpayers making contributions to a traditional IRA is increased to between $73,000 and $83,000, up from between $68,000 and $78,000.
The annual contribution limit for IRAs — both traditional IRAs and Roth IRAs — is $6,500 for 2023. Individuals 50 and over can set aside an additional $1,000.
Continue reading → The post Age Limits for IRA Contributions appeared first on SmartAsset Blog. Depending on which type of retirement account you have, your age may define both when you can ...
The maximum amount allowed as an IRA contribution was $1,500 from 1975 to 1981, $2,000 from 1982 to 2001, $3,000 from 2002 to 2004, $4,000 from 2005 to 2007, $5,000 from 2008 to 2012, $5,500 from 2013 to 2018, and $6,000 from 2019 to 2022. In tax year 2023, the maximum amount allowed is $6,500. Beginning in tax year 2024, the limit is $7,000. [11]
In 2023, the total contribution limit across both traditional and Roth IRAs is $6,500 for individuals under age 50, and $7,500 for those 50 and older, regardless of how the contributions are ...
A traditional IRA is an individual retirement arrangement (IRA), established in the United States by the Employee Retirement Income Security Act of 1974 (ERISA) (Pub. L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18). Normal IRAs also existed before ERISA.